Om insiderinformation och hur den bör hanteras - Särskilt vid byte av emittents verkställande direktör

Sammanfattning: Access to information is the foundation for an efficient and well-functioning stock. In order to secure the market’s access to information, issuers are obligated to disclose price-sensitive information, also known as insider information. Insider information must be correct, specific, and relevant to enable market participants to make well-informed investment decisions. This is a step in maintaining the public’s trust in the market. The Chief Executive Officer (“CEO”) of an issuer is responsible for managing the company and for the public trust in the company. The essay shows that the stock market is interested in information regarding when a CEO is about to assume or leave the position. Insider information can arise even before an employment contract has been entered or terminated. In fact, insider information arises as soon as there are realistic prospects for a change of a company's CEO. For an issuer to be obligated to disclose information, the information must meet the requirements for insider information as specified in Article 7.1 of the Market Abuse Regulation. When an issuer considers the information to meet the requirements of insider information, the issuer is obliged to act, according to Article 17.1. The issuer must at this point either disclose the information as soon as possible or make the decision to postpone the disclosure of the information.